NeoLight LLC, a Scottsdale-based medical-device company that designs and develops phototherapy technology to treat and eradicate jaundice in newborn infants, announced it has closed on a $600,000 seed round.

Bioscience startup firms are among the 16 finalists for the Venture Madness early-stage business challenge by Invest Southwest and the Arizona Commerce Authority, with a live-pitch event set for March where startups will compete for a shared $100,000 prize.